BMW Oracle Racing owner Larry Ellison and his wife Melanie Craft talk with San Francisco Mayor Gavin Newsom at the conclusion of a ceremony Saturday Feb. 20, 2010 in which the Mayor welcomed Ellison and his team back to San Francisco after they won the 33rd America's Cup trophy in Spain.
Ran on: 02-21-2010
Above: Mayor Gavin Newsom (left) chats with team leader Larry Ellison and his wife, Melanie Craft, at the event that drew throngs to City Hall, left.
Ran on: 02-21-2010
Photo caption Dummy text goes here. Dummy text goes here. Dummy text goes here. Dummy text goes here. Dummy text goes here. Dummy text goes here. Dummy text goes here. Dummy text goes here.<137,1970-12-18-17-21-52,><252>###Photo: amcup21_ph2<252>1266537600<252>SFC<252>###Live Caption:BMW Oracle Racing owner Larry Ellison and his wife Maloney Craft talk with San Francisco Mayor Gavin Newsom at the conclusion of a ceremony in which the Mayor welcomed Ellison and his team back to San Francisco after they won the 33rd America's Cup trophy in Spain. Saturday Feb. 20, 2010.###Caption History:BMW Oracle Racing owner Larry Ellison and his wife Maloney Craft talk with San Francisco Mayor Gavin Newsom at the conclusion of a ceremony in which the Mayor welcomed Ellison and his team back to San Francisco after they won the 33rd America's Cup trophy in Spain. Saturday Feb. 20, 2010.###Notes:Lance Iversen Phone 415-297-9395_CQ###Special Instructions:**MANDATORY CREDIT FOR PHOTOG AND SF CHRONICLE-NO SALES-MAGS OUT-TV OUT-INTERNET: AP MEMBER NEWSPAPERS ONLY**<137><252>

Photo: Lance Iversen, The Chronicle

BMW Oracle Racing owner Larry Ellison and his wife Melanie Craft...

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Members of the BMW Oracle Racing team that won the 33rd America's Cup earlier this month in Spain sign posters for the public attending the ceremony at San Francisco City Hall on Saturday.

Photo: Lance Iversen, The Chronicle

Members of the BMW Oracle Racing team that won the 33rd America's...

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Larry Ellison owner of BMW Oracle Racing team holds up a key to the city presented to him by San Francisco Mayor Gavin Newsom during a ceremony at San Francisco City Hall on Saturday. Ellison and his team won the 33rd America's Cup in Spain earlier this month as representatives of The Golden Gate Yacht Club.

Photo: Lance Iversen, The Chronicle

Larry Ellison owner of BMW Oracle Racing team holds up a key to the...

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The America's Cup that dates back to 1851 is displayed at San Francisco City Hall on Saturday. Mayor Newsom formally welcomed the Cup and Larry Ellison's BMW Oracle Racing team home after they won the 33rd America's Cup in Spain.

Photo: Lance Iversen, The Chronicle

The America's Cup that dates back to 1851 is displayed at San...

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The America's Cup is displayed Saturday at San Francisco City Hall. It will later be on display at its home, the Golden Gate Yacht Club.

Photo: Lance Iversen, The Chronicle

The America's Cup is displayed Saturday at San Francisco City Hall....

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Mayor Gavin Newsom, left, and BMW Oracle Racing team owner Larry Ellison applaud the winning team as they make their entrance into the San Francisco City Hall Rotunda on Saturday. Ellison's team was welcomed home to San Francisco after winning the 33rd America's Cup in Spain.

Photo: Lance Iversen, The Chronicle

Mayor Gavin Newsom, left, and BMW Oracle Racing team owner Larry...

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A security guard holds onto the America's Cup as a BMW Oracle Racing team member polishes it prior to the start of the ceremony at San Francisco City Hall on Saturday. Larry Ellison and his team won the 33rd America's Cup in Spain, returning it to San Francisco and the Golden Gate Yacht Club.

Photo: Lance Iversen, The Chronicle

A security guard holds onto the America's Cup as a BMW Oracle...

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A security guard watches over the America's Cup that dates back to 1851 inside San Francisco City Hall's Rotunda following a welcome home ceremony Saturday.

Photo: Lance Iversen, The Chronicle

A security guard watches over the America's Cup that dates back to...

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Accident Waiting to Happen-11:09 a.m.-San Francisco.
While waiting for the Welcome Home America's Cup ceremony to start a BMW Oracle Racing team member walked out on stage and started polishing the cup, which dates back to 1851. The guard just looked on, until someone suggested that he hold it just in case.
Camera Settings: Canon 5D Mark II, ISO 800, 1/250, f 3.2

Photo: Lance Iversen, The Chronicle

Accident Waiting to Happen-11:09 a.m.-San Francisco.
While waiting...

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Shutter Bug-11:05 a.m.-San Francisco City Hall.
A woman stops to take a photo of the media as hundreds of people file into San Francisco City Hall Rotunda for the America's Cup welcome home ceremony.
Camera Setting: Canon 5D Mark III, ISO 800, 1/100, f 2.8, 105mm lens

Hundreds of yacht racing fans descended on San Francisco City Hall on Saturday to welcome the return of the America's Cup to U.S. soil and campaign for its defense on San Francisco Bay.

Six days after capturing the America's Cup off Valencia, Spain, the BMW Oracle Racing team, headed by Oracle CEO and founder Larry Ellison, led a triumphant homecoming celebration. The crowd was packed with members of the Golden Gate Yacht Club, which sponsored Ellison's team and will host the trophy after a national victory tour.

For many, the sight of the gleaming silver trophy was like beholding a religious relic, brimming with history and significance. Fans hovered nearby for pictures while soaring music and videos of the race played.

"It's terrific, it's exciting. Look at the size of it," said Stewart Morton, 71, a longtime San Francisco sailor. "We've always wanted it, and this is the first time we finally got it."

Though many were happy just celebrating the win, talk quickly turned to hosting the event. Traditionally, the winner's yacht club hosts the next America's Cup races, which could happen in three to four years.

But there are questions about whether Ellison and the Golden Gate Yacht Club can stage a successful race on the bay. The primary concerns revolve around building a sailing village, providing space for rival teams to set up their bases and negotiating the heavy cargo traffic traveling through the bay.

Ellison met with San Francisco Mayor Gavin Newsom before the celebration to talk about hosting the next contest.

Ellison made clear he would love a chance to host the event locally, where it could bring in $1 billion in revenue. However, he's also being wooed by San Diego and Rhode Island, which have both hosted America's Cup competitions.

He said a final decision would come within a few months.

"This has always been my favorite place to sail," he told the crowd. "Where else can you have 28 knots of breeze every day? It's a fantastic place to hold a sailboat race, especially America's Cup."

Newsom said the city has identified six potential locations for a sailing village and is exploring the possibility of building at the sites. He said races on San Francisco Bay could be viewed live by half a million people from points like Crissy Field, Treasure Island and possibly the new Bay Bridge with its planned pedestrian walkway.

"It would be a transformative experience to bring the oldest game to the biggest audience in the world," Newsom said "We will do whatever it takes to make this happen."

For fans, the thought of not defending America's Cup locally is heartbreaking.

"As someone from the Bay Area, it's really special to think we could have the boats actually race in the Bay," said Karl Robrock, 30, from Alameda. "It'd be the first time in history here."

Los Altos resident Bobbi Callison, a 20-year member of the Golden Gate Yacht Club, said it would be a dream come true.

"San Francisco Bay is busy, but in terms of beauty, water, wind and currents, it's an ideal place to sail," she said.

Dozens of fans were left disappointed Saturday afternoon when organizers removed the trophy an hour earlier than announced to transport it to San Diego for the first leg of a planned victory tour.